How to Create a Marketing Plan for Real Estate Property Management

Jupiterimages/BananaStock/Getty Images

To run an effective property management business, you need to know how to negotiate and close deals, partner with other real estate vendors on a variety of services and many other types of skills. However, you also need to understand the importance of marketing your services to prospective customers. Having a strong marketing plan in place can help you accomplish your sales goals and objectives, and set you up for a successful business in the future.

Write the opening section of the marketing plan, known as the executive summary. Describe the nature of your business and the specific property types you service, such as apartments, condos, houses or commercial real estate. State your company's mission, and outline your goals and objectives for promoting your real estate property management business for the coming year.

Conduct a situational analysis of your marketing plan. Include information about your location, target market and key issues and challenges your company faces. For example, your real estate property management company may target high-level businesses that are looking to lease commercial real estate. Highlight common challenges in the marketing plan, such as real estate market trends and economic forces that affect your property management business. Include a SWOT analysis of your company, which identifies strengths, weaknesses, opportunities and threats.

Complete a competitive analysis. Describe all competitors to your real estate property management business. Provide a breakdown of direct competitor market share, and include financial data such as profits and stock performance, if available. Research your competitors' marketing strategies and tactics for promoting their real estate services, and include these in this section.

Develop your marketing strategy. Include a plan for achieving your business objectives. Tactics you can use to build your business include: an email newsletter that provides real estate market updates to your customers; a website to display the properties you have for sale or lease; networking events to promote your service offerings; and direct mail that you can send to prospective customers you are targeting with your real estate services.

Decide on a budget. Outline each of the strategies and tactics you identified in the previous step, and estimate how much it will cost to implement each of them. Include an estimated return on investment as well.

Decide on action items and a timeline. Include several "action items," which are the next steps you plan on taking in the short-term to accomplish your goals and objectives. Include a timeline for each of the action items, and outline your long-term plans for achieving your objectives as well.

References

Photo Credits

  • Jupiterimages/BananaStock/Getty Images